《大行報告》摩通上調瑞聲(02018.HK)評級至「增持」 目標價上調至23元
摩根大通上調瑞聲(02018.HK)投資評級,由「中性」上調至「增持」,目標價由16元上調至23元,相等2023年預測市盈率18倍。該行表示,對瑞聲的光學業務仍有憂慮,但對其聲學、觸控反饋及精密加工部件業務看法更為正面,受惠於客戶新訂單。該行表示偏好瑞聲多於舜宇(02382.HK)。
該行預測瑞聲聲學產品明年及後年銷售各升7%,相信公司將取得真無線立體聲(TWS)市佔,基於現有供應商的產品質素問題。該行亦相信安卓陣營聲學業務收入明年將穩定增長,受立體聲設計更深入滲透市場及更多的交付數量。汽車聲學方面,公司與內地電動車生產商合作進展順利,縱使該部貢獻非常有限。
該行亦預測,瑞聲觸控反饋及精密加工部件銷售明年及後年各按年升19%及13%,料公司將在明年下半年就iPhone Pro及Pro Max款式手機提供更多觸控反饋產品。精密加工部件方,預計公司在美國消費者手提電腦市佔擴大,足以抵銷手提電腦市場收縮。安卓觸控反饋交付明年亦會在需求反彈下上升。
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